A comparison of the UK housing market with the Bulgarian housing Essay

A comparison of the UK housing market with the Bulgarian housing market - Essay Example Irrespective of the developed, developing or under developed countries, people usually have the habit of taking loans for purchasing or constructing a house. The difficulties in getting loans have prevented people across the world to think about purchasing a home at present and the real estate business people were forced to reduce their activities because of the less demand for buildings. Even though the latter half of 2009 and the beginning of 2010 have shown some sign of a revival, many people are still hesitant in spending much on the housing market. UK and Bulgaria are two European countries in which lot of construction activities were going on earlier. But the global recession has badly affected these countries and the construction sector and the housing market are going through a bad patch. UK is one of the strong and developed countries in the world whereas Bulgaria is economically poor compared to UK. Both the countries have democratic administration at present though the head of UK is the monarch at least on paper. Bulgaria was under communist regime earlier. Stevenson (2010) has reported that the economy is emerging out from recession and grew slightly in the fourth quarter of last year in UK. Moreover, industrial production also increased in last November more than expected (Stevenson, 2010). As per the article Best Bulgarian Real Estate – Your Trust Worthy Bulgarian Real Estate Partner (2008), the Bulgarian property market is the current investment hotspot and offers countless opportunities to any open-minded investor. A recently released report by the European Bank for Development and Reconstruction, property prices in Bulgaria have increased by 145% in the last three years. Moreover the value of the Bulgarian properties has risen 5 times after the country joined the European Union in 2007 (Bulgarian Real Estate